Full text: Agricultural marketing revolving fund

Mr. Lecce. As a matter of fact, we have already authorized that, 
but there are outstanding applications of around $75.000,000 on 
those commodities. 
The Crairman. What commodities are those? 
Mr. Lecee. Cotton and wheat, or those two stabilization commodi- 
ties. It started in this way: When the cotton, for instance, was 
taken over from several cooperatives, they had money borrowed on 
it from private sources or private bankers, but the money was not 
due. Some of the private bankers are perfectly willing to continue 
to carry a quantity of that money on the commodities, just the same 
as they had been doing for the local cooperatives. Now, it is just a 
question of judgment whether these loans should be cleared up 
when the funds are available, because there will be some saving in 
interest, although the interest rate they are charging at the present 
time is not excessive. On many of them the rate of interest at the 
present time is 3 per cent. 
The Cumamman. What proportion of this money that you have 
already loaned is for the purpose of stabilizing the wheat market 
at the moment, how much for stabilizing the cotton market, and 
how much is for the purpose of stabilizing the market for other 
sommodities. . 
Mr. Lecee. We have outstanding at the present time $86,000,000 
an cotton and $77,000,000 on wheat. 
The CrarMaN. I suggest that you put that table in the record, 
if it shows the amounts loaned on various commodities. ‘ 
Mr. CurisTeNsEN. Yes, sir. 1 have a table that tells the whole 
story. I have a table that shows the amount of money loaned to the 
cooperative associations, classified by commodities, and the amount 
of loans to the grain stabilization and cotton stabilization corpora- 
tions, as of November 30, last. It is complete. 
The Cramrman. Suppose you put that in the record. 
{The table referred to is as follows:)

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